IRS Warns About New $600 Threshold (They Want You BROKE!)

The IRS is warning American Taxpayers that they will have to file form 1099-K if they receive more than $600 through third party apps such as Paypal, Venmo, and CashApp. The IRS stated that this threshold does not apply to personal transactions, but it can get confusing and taxpayers may be sent form 1099-K by mistake. Etsy and Ebay have formed a coalition to fight against this new $600 threshold rule and Zelle claims that their app circumvents the rule.

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